The euro’s mood is being set by the same old vulnerability: energy imports. When oil and gas jump, Europe pays quickly and visibly. That’s why the single currency can struggle even when the dollar isn’t roaring. Eurozone inflation had already surprised on the upside before the latest escalation really hit energy markets. That makes the European Central Bank’s job messier, because rate-cut optimism gets harder to defend when the inflation numbers stop moving in the right direction.
EUR: Europe’s energy bill is back in focus
Christopher Nye
on March 9th, 2026 
